The government of Egypt is set to invest US $42m in construction of a mixed complex in the Egyptian marker dubbed the West Mark complex.
Mohamed Noweir, Chairman of Real Mark Development-the firm funding the complex confirmed the reports and said the firm is undertaking a new approach towards the development of comprehensive solutions that are customer-centric, and create value.
“In order to supply for the ever-growing demand of office and retail real estate, especially with investors taking an interest in purchasing income-producing commercial assets, the market is overflowing with options that still lack a sense of originality. As developers, we are encouraged to employ new-to-market techniques in our developments, in order to translate our pioneering vision into a unique line of adaptable, cutting-edge residential and mixed-use developments,” said Mohamed.
West Mark complex
The West Mark complex is set to sit on 13,700sqm of land and have a build up area of 27,000 sqm. It will offer a new line of thought to office and commercial real estate in the country.
Mohamed Younis, CEO of ERA Commercial Egypt points out that the tenants mix of the project has been well thought of with regards to the current market needs, as well as the surrounding area.
Split across 2 buildings, A and B, the complex provides fully finished office spaces ranging between 69 sqm and 121 sqm, along with the double height units sized 800 sqm, and above. It has a 10,000 sqm outdoor area, a total of 300 underground parking slots, easy access to a 3,000 sqm Oscar Market, banks, pharmacies, an assortment of F&B options, with sizes ranging between 150 sqm, and 200 sqm.
According to Mr. Mohamed, the second quarter of 2018 has witnessed an increase in construction of office stock reaching 1,050sqm of goss leasable area.Approximately 142,000 sqm of retail space are projected to enter the market by the end of this year.